Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

We are aware of that concern. The answer is it should not be a concern. The issue of shares was never an exempted activity. It was always outside the scope of VAT, so the provision under paragraph (7)(1) for an exemption for agency services relating to the exempt financial services under paragraph (6)(1) did not apply to agency services for the issue of shares. However paragraph (6)(1)(b) of Schedule 1 provides VAT exemption for the activity of "arranging for or underwriting an issue of stock, shares, debentures and other securities, other than documents establishing title to goods" and this remains the case. We believe those concerns are groundless.